Russian markets were paralyzed and traders struggled to price the ruble on Monday as the stress of Western sanctions shook the country’s financial system. The Russian currency lost a third of its value in offshore markets at one point on Monday and hit an all-time low of 109 per dollar in Moscow. Quotes were infrequent and volatile at the start of the session, and traders warned that low liquidity was making it difficult to match buyers and sellers. The central bank pushed back the start of ruble trading by three hours as it hoisted its key rate to 20% in an emergency move. At the local open, a massive gap formed between rubles quoted in Moscow and prices in international markets. The […]